Bermuda-based Scottish Re Group Limited, a global life reinsurance specialist, yesterday announced the sale of its Middle East Life portfolio to Arab Insurance Group (Arig), one of the largest reinsurance companies in the Middle East and North Africa.

The portfolio, estimated around $22 million in annual premiums, will transfer to Arig as of July 1, 2007, along with the necessary infrastructure to support ongoing client and business needs. The financial terms of the transaction were not disclosed.

Dave Howell, chief executive officer of Scottish Re's International Segment, said: "This transaction enables our international management team to focus on growth opportunities in the UK and Ireland, Asia and our specialist global aviation business. We understand that the portfolio represents a good strategic fit for Arig and wish them every success for the future.

Yassir Albaharna, chief executive officer of Arig said: "Scottish Re's portfolio is a solid complement to ours and we are very pleased to complete the purchase."